Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – February 1st, 2021

Ethereum

Ethereum fell by 4.79% on Sunday. Following a flat day on Saturday, Ethereum ended the week down by 5.75% to $1,313.94.

A mixed start to the day saw Ethereum rise to an early morning intraday high $1,382.00 before hitting reverse.

Falling short of the first major resistance level at $1,417, Ethereum slid to a late afternoon intraday low $1,283.00.

Ethereum fell through the first major support level at $1,335 and the second major support level at $1,290.

Finding late support, however, Ethereum broke back through the second major support level to end the day at $1,300 levels.

At the time of writing, Ethereum was down by 1.75% to $1,291.00. A bearish start to the day saw Ethereum fall from an early morning high $1,314.10 to a low $1,275.30.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to move through the pivot level at $1,326 to support a run at the first major resistance level at $1,370.

Support from the broader market would be needed, however, for Ethereum to break out from $1,350 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $1,382.00 would likely cap any upside.

In the event of another extended crypto rally, Ethereum could test resistance at $1,400 before any pullback. The second major resistance level sits at $1,425.

Failure to move through the $1,326 pivot would bring the first major support level at $1,271 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,200 levels. The second major support level at $1,227 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $1,271

Pivot Level: $1,326

First Major Resistance Level: $1,370

23.6% FIB Retracement Level: $1,148

38.2% FIB Retracement Level: $944

62% FIB Retracement Level: $614

Litecoin

Litecoin fell by 2.96% on Sunday. Following on from a 0.94% decline on Saturday, Litecoin ended the week down by 8.21% to $129.58.

A mixed start to the day saw Litecoin rise to an early morning intraday high $135.21 before hitting reverse.

Falling short of the first major resistance level at $137.26, Litecoin slid to a late afternoon intraday low $125.70.

Litecoin fell through the first major support level at $129.03 before finding support.

Steering clear of the 38.2% FIB of $25, Litecoin broke back through the first major support level to end the day at $129.5 levels.

At the time of writing, Litecoin was down by 1.25% to $127.96. A bearish start to the day saw Litecoin fall from an early morning high $129.69 to a low $127.86.

Litecoin left the major support and resistance levels untested early on.

For the day ahead

Litecoin would need to move through the $130.16 pivot level to support a run at the first major resistance level at $134.63.

Support from the broader market would be needed, however, for Litecoin to break back through to $130 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $135.21 would likely cap any upside.

In the event of an extended breakout, Litecoin could test resistance at $140 before any pullback. The second major resistance level sits at $139.67.

Failure to move through the $130.16 pivot level would bring the first major support level at $125.12 and 38.2% FIB of $125 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$120 levels. The second major support level at $120.65 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $125.12

Pivot Level: $130.16

First Major Resistance Level: $134.63

23.6% FIB Retracement Level: $148

38.2% FIB Retracement Level: $125

62% FIB Retracement Level: $87

Ripple’s XRP

Ripple’s XRP rallied by 11.56% on Sunday. Following on from Saturday’s 56.84% surge, Ripple’s XRP ended the week up by 81.2% to $0.49561.

A mixed start to the day saw Ripple’s XRP fall to an early morning intraday low $0.38701 before making a move.

While steering clear of the first major support level at $0.3094, Ripple’s XRP fell through the 38.2% FIB of $0.4070.

Finding mid-morning support, Ripple’s XRP rallied to a late morning intraday high $0.5369 before a 2^nd pullback.

While breaking back through the 38.2% FIB, Ripple’s XRP fell short of the first major resistance level at $0.5485.

The 2^nd sell-off saw Ripple’s XRP fall back to $0.42 levels before wrapping up the day at $0.49 levels.

Resistance at $0.50 pinned Ripple’s XRP back late in the day.

At the time of writing, Ripple’s XRP was down by 3.46% to $0.47847. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.49576 to a low $0.47020.

Ripple’s XRP left the major support and resistance levels untested early on.

For the day ahead

Ripple’s XRP will avoid a fall back through the $0.4732 pivot level to bring 62% FIB of $0.5522 and the first major resistance level at $0.5593 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from Sunday’s high $0.5369.

Barring an extended crypto rally, the 62% FIB and the first major resistance level would likely cap any upside.

In the event of an extended rally, Ripple’s XRP could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6231.

Failure to avoid a fall back through the $0.4732 pivot would bring the first major support level at $0.4094 and the 38.2% FIB of $0.4070 into play.

Barring an extended crypto sell-off, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level sits at $0.3233.

Looking at the Technical Indicators

First Major Support Level: $0.4094

Pivot Level: $0.4732

First Major Resistance Level: $0.5593

23.6% FIB Retracement Level: $0.6274

38.2% FIB Retracement Level: $0.5285

62% FIB Retracement Level: $0.3687

Please let us know what you think in the comments below.

Thanks, Bob